Markit takes over Boat reporting platform

Market information provider Markit, based in London, has taken over the Boat trade reporting platform.

Boat was set up in September 2006 by a consortium of nine international investment banks, with Markit operating the platform, to provide trade reporting compliant with the Markets in Financial Instruments Directive. It went live on November 1 last year.

Markit said the consortium members would have no direct input into Boat's operations going forward, but added that the member banks were also "significant shareholders" in Markit, a private company, and so would be able to maintain some influence over Boat through their holdings in the parent company. Markit has not released details of the terms of the takeover.

The takeover will give Markit a higher degree of control over Boat, paving the way for the launch of more related information products, said Will Meldrum, the London-based head of Boat at Markit. Since its launch, he added, Boat has gained 25% of the total equity market, and 65% of the over-the-counter market. Reported data was free until the start of January, after which Boat started to charge a user fee; Boat still provides a delayed service free of charge.

See also: Is IT Mifid-ready?